As previously reported, BofA analyst Ebrahim Poonawala initiated coverage of Pinnacle Financial (PNFP) with a Buy rating and $113 price target seeing an “opportunity to own a high-growth Southeast regional bank at a discount.” Investors are overestimating the execution risk in the Pinnacle-Synovus’ merger of equals, according to the analyst, who has confidence that the growth and profitability of the combined bank should lead to narrowing in the valuation gap.
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Read More on PNFP:
- Pinnacle Financial initiated with a Buy at BofA
- Pinnacle Financial Partners Announces Post-Merger Board
- Pinnacle Financial Partners Merger Receives Regulatory Approval
- Pinnacle, Synovus receive Federal Bank regulatory approval to combine
- Pinnacle Financial price target raised to $125 from $120 at Barclays